ECO 365 Week 1 Economic Definitions Worksheet

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ECO 365 Week 1 Economic Definitions Worksheet
ECO 365 Week 1 Economic Definitions Worksheet
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Year: 2015
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ECO 365 Week 1 Economic Definitions Worksheet

Economics – Definitions

Complete the following.  Include your references using APA formatting.

Write the definition for each of the following:

 

  1. Law of Demand

  1. Law of Supply

  1. Price Elasticity of Demand

  1. Macroeconomics

  1. Microeconomics

 

Identify 2 Products whose demand is price elastic.

 

Identify 2 products whose demand is price inelastic.

 

Which of the following graphs best demonstrates the law of demand?

 

  1. I
  2. II
  3. III
  4. IV

Which of the following graphs best demonstrates the law of supply?

  1. I
  2. II
  3. III
  4. IV